Tesla shareholders decisively backed proposals to affirm Elon Musk’s multibillion-dollar pay package, according to details of the vote released on Friday.
Passage of the proposals was announced at Tesla’s annual shareholder meeting on Thursday, without the underlying totals. In the end, about 72 percent of voting shares backed the pay package, excluding stock owned by Mr. Musk and his brother, Kimbal.
For months, many Tesla investors have worried about how engaged Elon Musk would be in running the electric car company, after a judge in Delaware voided his pay package.
The compensation plan requires Mr. Musk to hold on to the shares for at least five years before selling them, and the value of the package will continue to fluctuate before he can do so. At Thursday’s closing price, the shares are worth about $48 billion.
Addressing shareholders after the vote, Mr. Musk vowed that he was committed to Tesla. The pay package, he said, “is not actually cash, and I can’t cut and run, nor would I want to.”
